Forex reserves touch all-time high

By Our Corporate Reporter

CHENNAI, DEC. 9. The country's foreign exchange reserves crossed the $39 billion mark in the week ended December 1, 2000 to touch an all-time high of $39.02 billion. The reserves have been rising continuously in the last four weeks. The total increase since November 3 is $4,284 million. While the improvement in a year is $4,733 million, the rise in the last one month (since November 3) alone is $4,284 million. The recent spurt is due to the inflows of proceeds of the State Bank of India's millennium deposits.

According to the latest weekly statistical supplement of the Reserve Bank of India, the increase in reserves in the latest week under reference is $730 million. While forex assets registered a rise of $778 million to $36,267 million, there was a drop of $48 million under gold reserves to $2,752 million. These assets expressed in dollar terms include the effect of appreciation/ depreciation of non-U.S. currencies such as euro, sterling and yen held in reserves.

Loans and advances of the Central Government rose by Rs. 3,053 crores to Rs. 5,005 crores in the latest week while those of State governments dropped by Rs. 490 crores to Rs. 2,966 crores and scheduled commercial banks by as much as Rs. 3,600 crores to Rs. 2,362 crores.

Deposits of scheduled commercial banks rose by Rs. 27,099 crores in a month with the outstanding at Rs. 9,17,279 crores on November 24 mostly due to millennium deposits. The increase in a year is Rs. 1,41,930 crores.

Bank credit registered a rise of Rs. 1,148 crores to Rs. 4,80,619 crores in a month. While food credit rose by Rs. 1,767 crores to Rs. 36,354 crores, there was a drop of Rs. 619 crores under non- food credit with the outstanding at Rs. 4,44,265 crores.

Investments in government securities were up by Rs. 15,296 crores to Rs. 3,23,864 crores and in approved securities by Rs. 13 crores to Rs. 31,024 crores.

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Section  : Business
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